university of toronto phd in economics

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Tax Evasion and Capital Taxation

Journal of Political Economy , 2024 Shahar Rotberg and Joseph Steinberg

Use It or Lose It: Efficiency and Redistributional Effects of Wealth Taxation

Quarterly Journal of Economics , 2023 Fatih Guvenen, Gueorgui Kambourov, Burhanettin Kuruscu, Sergio Ocampo, Daphne Chen

Trade-Policy Dynamics: Evidence from 60 years of U.S.-China Trade

Journal of Political Economy , 2024 George Alessandria, Shafaat Khan, Armen Khederlarian, Kim J. Ruhl, Joseph Steinberg

Revealed Price Preference: Theory and Empirical Analysis

Review of Economic Studies , 2023 Rahul Deb, Yuichi Kitamura, John Quah, Jörg Stoye

Invidious Comparison: Ranking and Selection as Compound Decisions

Econometrica , 2023 Jiaying Gu and Roger Koenker

Bargaining with Mechanisms

American Economic Review , 2022 Marcin Pęski

What: Forging a Path: Causal Inference and Data Science for Improved Policy When: November 10-11, 2023 Where: Data Sciences Institute, 10th floor Seminar room, 700 University Ave, Toronto

Department of Economics University of Toronto Max Gluskin House 150 St. George Street Toronto, Ontario M5S 3G7, Canada (416) 978-4622

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Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Income Risk

Review of Economic Studies , 2023 Sebastian Dyrda and Marcelo Pedroni

Optimal Environmental Targeting in the Amazon Rainforest

Review of Economic Studies , 2023 Juliano Assunção, Robert McMillan, Joshua Murphy, Eduardo Souza-Rodrigues

Revealed Price Preference: Theory and Empirical Analysis

Review of Economic Studies , 2023 Rahul Deb, Yuichi Kitamura, John Quah, Jörg Stoye

Use It or Lose It: Efficiency and Redistributional Effects of Wealth Taxation

Quarterly Journal of Economics , 2023 Fatih Guvenen, Gueorgui Kambourov, Burhanettin Kuruscu, Sergio Ocampo, Daphne Chen

A General Framework for Robust Contracting Models

Econometrica , 2022 Daniel Walton and Gabriel Carroll

Geography and Agricultural Productivity: Cross-Country Evidence from Micro Plot-Level Data

Review of Economic Studies , 2022 Tasso Adamopoulos and Diego Restuccia

What: Forging a Path: Causal Inference and Data Science for Improved Policy When: November 10-11, 2023 Where: Data Sciences Institute, 10th floor Seminar room, 700 University Ave, Toronto

Department of Economics University of Toronto Max Gluskin House 150 St. George Street Toronto, Ontario M5S 3G7, Canada (416) 978-4622

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Economics: introduction, faculty affiliation.

Arts and Science

Degree Programs

Combined degree programs.

• STG, Law, Juris Doctor / Economics, MA
• STG, Law, Juris Doctor / Economics, PhD

The Department of Economics at the University of Toronto is large and highly ranked. The teaching and research interests of its graduate faculty members span a wide range of subjects and cover theory, applied data analysis and econometric methodology.

The department offers both MA and PhD programs in economics. The goal of the graduate programs is to further the student's capacity for economic analysis through rigorous instruction in theory, econometrics and a wide variety of fields. The MA and PhD course and research offerings provide great diversity, breadth and scope; students can readily specialize in almost any area of interest. Additionally, students may take suitable elective courses in statistics, mathematics, computer science and other allied fields. Students benefit from Economics’ close association with faculty members from related programs, such as those at the Rotman School of Management. They also benefit from the University of Toronto’s excellent facilities, including the best university library in Canada.

The department’s programs attract students from across Canada and all parts of the globe. Approximately 65 new MA students and 15 to 20 new PhD students are enrolled each year with total combined enrolment of approximately 150.

MA graduates find employment in their area of interest in the public, private and not-for-profit sectors. They also successfully pursue PhD programs in economics. PhD graduates obtain academic placement and employment in the public and private sectors.

The Department of Economics and the Rotman School of Management also offer a professional Master of Financial Economics (MFE) program.

Contact and Address

MA and PhD: Web: www.economics.utoronto.ca Email: www.economics.utoronto.ca/index.php/index/index/contact Telephone: (416) 978-4544

MA and PhD Graduate Office Department of Economics, Max Gluskin House University of Toronto 150 St. George Street Toronto, Ontario M5S 3G7 Canada

Economics: Graduate Faculty

Full members, members emeriti, associate members, economics: economics ma, master of arts, program description.

The MA is a coursework-only program (i.e., has no thesis requirement) that may be taken on a full-time or part-time basis. It is designed for individuals who wish to work in the public, private, and not-for-profit sectors, and also for students intending to pursue a PhD in economics.

Minimum Admission Requirements

Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

An appropriate bachelor's degree with at least a mid-B (75%) standing in the final year of the program.

Successful completion of full-year courses in calculus, intermediate microeconomics, intermediate macroeconomics, and statistics.

Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum of at least a mid-B (75%) in the final year.

All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the departmental website for details.

Program Requirements

Successful completion of 4.5 full-course equivalents (FCEs) as follows:

0.5 FCE mathematics and statistics course (ECO1010H);

4.0 FCEs including the core courses in micro (ECO1200H), macro (ECO1100H), and econometrics (ECO1400H). Five 0.5 FCE elective courses are selected from current courses or may be graduate courses offered by another unit, provided they make a strong contribution to the student's economic training. At most two (1.0 FCE) of the five courses may be offered by another unit, and these courses must be approved by the Associate Chair, Graduate Studies. Units that offer courses that we may approve include Mathematics, Statistical Sciences, and the Rotman School of Management.

An MA student may be permitted to fulfil core course requirements by taking the corresponding PhD-level core courses (ECO2200H and ECO2201H for microeconomics, ECO2100H and ECO2101H for macroeconomics, or ECO2400H and ECO2401H for econometrics). To make this substitution, the student will be required to take the PhD-level ECO2010H (mathematics and statistics course), and must obtain written permission from the Associate Chair, Graduate Studies prior to starting the mathematics and statistics course in August.

Program Length

2 sessions full-time (typical registration sequence: F/W); 6 sessions part-time

3 years full-time; 6 years part-time

Economics: Economics PhD

Doctor of philosophy.

The Department of Economics offers two PhD programs: a regular-entry program for students who have completed a master’s degree in economics or a closely related field, and a direct-entry program for students with only an undergraduate degree. Both are full-time programs.

PhD Program

Minimum B+ standing in an MA program in economics. Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum B+.

A strong preparation in advanced mathematics, statistics, and economics, including successful completion of MA-level microeconomic theory, macroeconomic theory, and econometrics.

Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 4.0 full-course equivalents (FCEs) as follows:

Year 1: 3.0 FCEs, normally consisting of two half courses in each area:

Microeconomics (ECO2200H and ECO2201H)

Macroeconomics (ECO2100H and ECO2101H)

Econometrics (ECO2400H and ECO2401H)

Year 2: at least two half courses (1.0 FCE), including the required courses for a major field of specialization and a minor field of specialization.

Students must write an original paper in Year 2 and present it in the relevant workshop in the Fall session of Year 3.

Students must also take ECO4060Y 0 Graduate Research Seminar (1.0 FCE) in Year 2 and complete it by the end of Year 3.

Suitable PhD-level courses taken by a student in the MA program in the Department of Economics may, with the permission of the Associate Chair, Graduate Studies, fulfil a portion of the major and minor field requirements of the PhD program.

A thesis based on original research.

General examinations

Successful completion of theory comprehensive examinations. Students are required to take two comprehensive examinations in microeconomic and macroeconomic theory after the end of the Winter session (usually June) in Year 1 of their program. Performance on these exams is evaluated on a distinction/pass/fail basis. If a theory comprehensive examination is failed on the first attempt, it must be re-taken later in the Summer (usually in August) of the same year.

If a student does not obtain a minimum grade of A in every course required for their major field of specialization, or took some of the required courses during their MA in Economics program at the University of Toronto, the student is required to take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

Behavioural Economics

Econometrics

Economic development, financial economics, industrial organization, international economics, labour economics, macroeconomics.

Microeconomic Theory

Public Economics.

PhD Program (Direct-Entry)

Minimum A– standing in the last two years of study in a bachelor’s program in economics or a related field, such as finance, statistics, or mathematics. Because admission is competitive, accepted applicants will normally have achieved a standing considerably higher than the minimum A–.

A strong preparation in advanced mathematics, statistics, and economics.

Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 6.0 full-course equivalents (FCEs) as follows:

Year 1: normally two half courses in each area (3.0 FCEs), as follows:

Year 2: six half courses (3.0 FCEs), including the required courses for a major field of specialization and a minor field of specialization.

General examinations.

Successful completion of theory comprehensive examinations . Students must take two comprehensive examinations in microeconomic and macroeconomic theory after the end of the Winter session (usually June) in Year 1 of their program. Performance on these exams is evaluated on a distinction/pass/fail basis. If a theory comprehensive examination is failed on the first attempt, it must be re-taken later in the Summer (usually in August) of the same year.

If a student does not obtain a minimum grade of A in every course required for their major field of specialization, the student must take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

0 Course that may continue over a program. The course is graded when completed.

Economics: Economics MA, PhD Courses

Not all courses are offered every year. Please refer to the department's website for a current course list .

Preliminary Courses

Core Courses in Economic Theory

Advanced Microeconomic Theory

Behavioural and Experimental Economics

Economic History

Public Economics

Other Courses

# The department is normally prepared to supervise reading courses in a variety of fields. Reading courses are available only to students who have the requisite preparation and only at the discretion of faculty members.

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February 2024

ATTENTION: You may have heard of new measures in place for International students admitted to postsecondary institutions in Canada and applying for study permits. These new measures do not apply to graduate students (Master’s and PhD programs). While all international students must follow the established study permit application processes, the new Attestation Letter required for undergraduate students does not apply to graduate students in degree-granting programs.

As of February 15, 2024, graduates of master’s degree programs will be eligible to apply for a 3-year post-graduation work permit. Open work permits will also remain available to spouses of international students in master’s and doctoral programs. We will provide additional information about this change as it becomes available.

For more information see Apply for Your Study Permit – Centre for International Experience .

Types of programs

The training and experience you’ll acquire at the master’s or doctoral level at the University of Toronto will give you tools to drive change and excel in virtually any industry — whether you go on to teach and do research at a university, take a role in government, start a private enterprise, or embark on a professional career. Our research-driven graduate programs will help guide you through a lifetime of intellectual study, opportunity, and challenge.

View our types of graduate programs at a glance . Here’s a quick overview:

• More than 70 professional graduate programs in health sciences, management, engineering, and more.
• Approximately 140 combined degree programs.
• 14 dual degree programs.
• More than 40 collaborative specializations if you are interested in interdisciplinary studies.
• 4 diploma programs for professionals who would like to pursue academic study but don’t wish to enrol in a graduate degree program.

Ready to apply?

Are you ready to launch a lifelong path of intellectual discovery and professional enrichment? Apply to graduate school at Canada’s #1 research institution.* Visit our Future Students page to find out more.

*According to Times Higher Education’s World University Rankings 2021 . View our rankings.

U of T graduate program directory

Explore our 400 areas of study within more than 300 graduate program below.

Questions? Explore the 2023-24 SGS Calendar to access comprehensive information about graduate programs.

Still can’t find what you’re looking for? Contact the graduate unit (department, centre, or institute) you’re thinking of applying to. Visit the graduate unit and collaborative specializations directory.

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Department of Economics University of Toronto Max Gluskin House 150 St. George Street Toronto, Ontario M5S 3G7, Canada (416) 978-4622

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Undergraduate Programs

Back to Undergraduate Programs

St. George Campus, Faculty of Arts & Science

Program Information

Degree(s): Honours Bachelor of Arts

Program(s): Economics (Major, Minor, Specialist)

OUAC Admission Code: TAX (Social Sciences)

Academic Requirements

Ontario Secondary School Diploma Six 4U/M courses, including:

• Calculus & Vectors (MCV4U)
• English (ENG4U)

Find equivalent requirements for Canadian high school systems , US high school system , International Baccalaureate , British-Patterned Education , French-Patterned Education , CAPE , and other international high school systems .

Mississauga Campus

Program(s): Economics (Major, Minor, Specialist) Economics and Political Science (Specialist)

OUAC Admission Code: TMS (Social Sciences)

• Advanced Functions (MHF4U)
• Calculus & Vectors (MCV4U) is recommended

Scarborough Campus

Degree(s): Bachelor of Business Administration (BBA) Honours Bachelor of Arts

Program(s): Economics of Management Studies (BBA) (Co-op, Specialist) Economics of Management Studies (BA) (Major, Minor)

OUAC Admission Code: TSM (Management (including Economics))

News, People, Projects & Events

Everything Economics at the University of Toronto

Ready for It! PhD Candidates on the Job Market

December 5, 2023 By Kate Baggott

Their papers are in order, and they are ready for the search. The Department of Economics has eight PhD candidates and two post-doc researcher s on the 2023-2024 job market. Internationally, there are roughly two hundred positions open to academic economists about to defend their dissertations.

The Job Market Paper, or JMP, is a unique feature of the Economics job search. A highly structured, stand-alone segment of work taken from each candidate’s original dissertation research, it forms the centrepiece of job application packages.

Their interests and projects are diverse in methodology and topic. If anything unites the group, it is their shared commitment to state-of-the-art research with direct implications for decisionmakers and policymakers.

The Department of Economics, University of Toronto is honoured to present its job market candidates for 2023-2024.

Pharmaceutical firms that make discoveries, and take out the first patent, are not necessarily the people who will bring the drug to patients. According to Jie Fang’s research, most drug patents are traded before large scale clinical trials. Not only that, but drug patents that are bought and sold are more likely to reach patients as treatment options.

“82% of primary patents are traded before the associated drug reaches the market,” Fang explained. “We saw the most significant impact of patent trade on successful launches before the Phase III large-scale clinical trial. Reducing transaction costs during this phase could increase the success rate of new drugs by 15%, potentially resulting in 5-8 additional drugs entering the market each year.”

“Jie Fang has created a unique dataset, developed a dynamic structural model, and estimated it to figure out how patent trades improve the success rate of new drugs,” said Professor of Economics Murat Alp Çelik , one of Fang’s dissertation supervisors. “Her focus on drug development enables her to link rich data that is available due to the regulations set by the U.S. Food and Drug Administration (FDA) to individual drugs and the associated patents.”

Francis Guiton

Francis Guiton used a structural model of product assortment decisions and created counterfactual experiments to investigate the impact of alignment of organizational objectives at the LCBO. Guiton’s JMP, Misaligned Objectives and Within-Firm Competition in Retail Chains , examined how performance-based bonuses paid to store managers effect the company’s profits and consumers’ interests.

“Using detailed store-level information on inventories, sales, and prices of all products sold in a large Canadian retail chain, I examine the strategic decision-making of store managers regarding which products to carry at their store,” Guiton explained.

“Francis Guiton’s investigation into how performance-based incentives in retail stores can create a disconnect between the goals store managers reach, and the goals the company wants to reach, is a useful example of the on-the-ground benefits of applied economics research to business,” said Professor Avi Goldfarb , one of Guiton’s dissertation supervisors.

Han’s paper, “Motivating Student Effort: Designing Course Assessments in the Presence of Students’ Biased Beliefs,” asks if studying more, when students are feeling badly about their own abilities, lead to better test results? Students pressuring themselves to study more due to lack of confidence does not help.

“I find that if students were to become more aware of their behavioral biases surrounding their own abilities, they would study, on average,

72 percent less, but be better off on average as they would have10 more hours of free time per week,” Han explained. “Due to asymmetrical effects on learning, the average student would not learn less if their behavioral biases were removed.”

“Paul’s findings indicate that the sign and magnitude of the effect on study hours of incorporating more frequent tests hinges on the relative speed at which students adjust their misconceptions about their skills compared to their misperceptions about the returns of hours of study. This paper demonstrates Paul’s strong technical skills,” said Professor Victor Aguirregabiria , one of Han’s co-supervisors.

Alexander Hempel

Are environmental land protection policies a cause of housing shortages and unaffordability? PhD Candidate Alexander Hempel ’s latest research examined the question by looking at what happened to Toronto housing prices when Greenbelt protections were implemented in the early 2000s.

Hempel created an analytical model to examine what would have happened to Toronto housing development had the Greenbelt never been created. The data did show price effects up to 2010.

“Using the model, I simulated the scenario in which no Greenbelt was implemented,” Hempel explained. “I did find that the Greenbelt led to a reduction in aggregate housing supply of almost 10,000 units and price increases of 4.1% for houses and 6.1% for condominiums; this corresponded to an increase in condo rent of $675 a year.

“Urban growth boundaries and greenbelts are used throughout the world, but because they impact an entire city, it is challenging to estimate the impact of such policies,” said  Jonathan Hall , Professor of Economics and a member of Hempel’s dissertation supervision committee. “Alex Hempel’s research uses a variety of methods to provide credible estimates of how Toronto’s Greenbelt is impacting housing prices here. This research helps us evaluate the trade-offs inherent in any policy and is of immediate relevance to the policy debates in Ontario and worldwide.”

Guangbin Jeremy Hong

The title of Guangbin Jeremy Hong’s award-winning paper is “ The Two-Sided Sorting of Workers and Firms: Implications for Spatial Inequality and Welfare . Ex” It examines why both the best firms, and the best workers choose to locate in big cities, a phenomenon Hong uses the term “co-locate” to describe. These location choices affect the aggregate productivity of the economy, and everyone’s economic well-being.

“Jeremy’s job market paper studies how firms and workers co-locate across cities, and why it matters in terms of earnings inequality and location-based policies,” said Professor Kevin Lim, a member of Hong’s supervision committee.

“The optimal spatial policy would incentivize high-skilled workers and high-productivity firms to co-locate to a greater extent while redistributing income toward slow-earning cities, leading to a 6% increase in social welfare,” Hong explained.

Hong’s JMP won the Bank of Canada award for Best Graduate Student Research Paper and the European Economic Association UniCredit Foundation Best Job Market Paper prize. Stay turned for his forthcoming paper in the Journal of Monetary Economics and for a second paper under revision with the Journal of International Economics .

En Hua’s JMP,  Confidence in Inference , examines how people make decisions after gathering samples of information, a process everyone engages in.

“This ranges from comparing different Google map reviews before deciding on a restaurant to gathering several weather forecasts before going out,” Hu explained.

But what happens if, after new information samples are added, or different circumstances reveal themselves? En Hua’s research shows that decision-makers largely ignore the sample size, and this uncovers new dynamics that current models are unable to explain. His finding suggests that confidence in correctly interpreting information matters – and a confident decision-maker is surprisingly more likely to ignore the sample size.

“En Hua Hu applies state-of-the-art methods in behavioural and experimental economics to understand the choices people make,” said Professor Colin Stewart , one of En Hua’s co-supervisors. “He has uncovered fascinating new insights into how people use information to inform their decisions.”

Alexandre Lehoux

Small firms need to access R&D subsidies to grow, but if they grow, then they cannot continue to access R&D subsidies. Lehoux’s JMP examined how eligibility reforms to Canada’s largest R&D program in 2004 allowed firms to increase their production while maintaining eligibility for the program. The key benefit to workers? Income improvements by around 2% after the reform.

“An important finding of my paper is that less financially constrained firms were the most responsive in expanding their production following the reform. This result emphasizes how the initial eligibility threshold was introducing what could be called a ‘growth tax’ for these firms,” Lehoux explained.

“His findings indicate that subsidies which target small firms can prevent these firms from growing to maintain their eligibility,” said Kory Kroft , Professor of Economics at the University of Toronto and Lehoux’s dissertation supervisor. Relaxing eligibility constraints leads firms to expand production and he finds that workers capture some of these productivity gains.”

Poli Natama

Rising mineral prices that triggered mining booms in Sub-Saharan Africa is linked to changes in who decides to become a teacher, and how committed they are to the profession.

“I did find that a rise in the prices of minerals more suited for artisanal mining is associated with higher educational levels among teachers, albeit with a noticeable decline in their teaching efforts,” PhD Candidate Natama said. “This trend manifests in various ways, including a lower propensity to provide additional student support, a reduced willingness to engage in pedagogical associations, and a higher likelihood of absenteeism from classes.”

“The mining sector represents a considerable share of GDP across countries in the region, and the rise in the demand for such resources has first-order consequences for these regional economies,” said Gustavo Bobonis , Natama’s dissertation supervisor. “Among the multiple economic consequences, mining booms have substantial effects on regional labor markets, including the returns to educational investments and individuals’ occupational decisions. However, we know little about the mechanisms driving such relationships. In addition to educational demand-side effects that have been documented in this literature, the educational sector may suffer in quality and these stark changes could induce higher dropout and worse learning outcomes among the student population.”

Stanton Hudja

Stanton Hudja is a postdoctoral researcher and manager of the Toronto Experimental Economics Lab (TEEL) housed at the Department of Economics. Over the course of his appointment, he has made significant contributions to both the department and the field of behavioural economics.

“There is a lot of heterogeneity in how researchers think about economics,” Hudja said. “I believe that my experiences have made it easier for me to make connections between different strands of research. Additionally, I think these experiences have allowed me to take a more comprehensive approach towards addressing an economic question.”

“Stanton is an experimental and behavioural economist,” said Professor Yoram Halevy , Director of the TEEL. “In addition to managing the lab and teaching a course in Game Theory he is doing exciting research. In his job market paper, he experimentally investigates decision makers’ attitudes to unknown outcomes. Using a novel experimental technique of eliciting conditional valuations, he can study the probability of getting an unknown outcome and the payment in the complementary event affect subjects’ valuation. This is a novel foundational study in an area that has not been explored experimentally before.”

Jeffrey Hicks

Jeffrey Hicks is a postdoctoral researcher working with Professor Kory Kroft here at the Department of Economics. Hicks’ research interests focus on the design and implementation of taxation and social insurance systems.

“The evaluation of social insurance systems and income transfers is a key aspect of Jeff Hicks’ research that is informing policies and driving progress,” said Professor Kroft. “It has been a pleasure to work with Jeff. He is a careful researcher who brings modern methods to bear on policy-relevant issues and is extremely productive.”

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• JD/PhD (Economics)

Director: Assistant Dean Sara Faherty ( sara.faherty@utoronto.ca )

Requirements

The JD/PhD (Economics) program is designed for students interested in pursuing an intensive study of the relationship between law and economics.

The program enables students to complete all the requirements of the JD and to reach the "All but Dissertation" stage of the PhD in four years, rather than the five years it would typically take. In the first four years of the program, students complete all of the requirements for the JD and all pre-dissertation requirements for the PhD At this point, the students will receive the JD degree and will be ready to begin writing their economics dissertation.

• In the first year of the program students complete all first year courses at the Faculty of Law.
• In the second year of the program students register in the Department of Economics. They normally complete ECO2010H Mathematics and Statistics for PhD Students plus 3 FCE's as follows ECO2200H, ECO2201H, macroeconomics ECO2100H and ECO2101H, and econometrics ECO2400H and ECO2401H and complete theory comprehensives.
• In third year, students complete additional 3 FCE's in economics courses, including the required courses for a major field and minor field of specialization.  They may be required to complete a field comprehensive exam in the major field of specialization.  Students complete .5 FCE in law and economics, and participate in the full year continuous course ECO 4060Y Graduate Research Seminar.  They complete the second year paper in economics; and 14 -16 JD credits.
• In fourth year, students register in the law school and take a full year of law courses to complete the JD requirements.  During years three and four of the program, students must earn a total of 48 Law credits, and meet all requirements for the JD.   Once the JD and other requirements are completed, students write a dissertation in economics.

Note: Students must meet the Faculty of Law course selection deadline, notwithstanding the Department of Economics' course selection process.

Students must submit their proposed course selections for years two, three and four of the program to the Director prior to the applicable course selection deadlines in each year and  in each Faculty. Any changes must also be approved by the Director.

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Students interested in the combined program must apply to and obtain separate admission to both the JD and PhD according to the normal application and admission requirements for each program. A student already enrolled in the first year of the JD or the PhD can transfer into the combined program if he or she is also accepted into the other faculty.

To apply to the JD Program at the Faculty of Law, see Application Procedure for the JD Program on this Web site. For more information about this combined program, contact the:   Admissions Office Faculty of Law University of Toronto 84 Queen's Park Toronto, Ontario Canada M5S 2C5 Telephone: (416) 978-3716 Fax: (416) 978-7899 E-mail: admissions.law@utoronto.ca

Admission applications for the PhD program in economics may be obtained from:

Graduate Department of Economics 150 St. George Street University of Toronto Toronto, Ontario M5S 3G7 Tel: (416) 978-7169 Fax: (416) 978-6713 Web site: http://www.economics.utoronto.ca/index.php/index/graduate/home

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• Graduate Programs
• Schedules and Timetables
• JD Academic Handbook

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University of Toronto Faculty of Law

78 Queen's Park ( View Map ) Toronto, ON M5S 2C5 Tel: 416-978-0210 

Main Content

Admission to the PhD Program in Finance

Our strength: our program.

The PhD Program in Finance is looking for accomplished graduate and undergraduate students, with strong backgrounds in economics, finance, quantitative methods or related fields. Our admission is highly competitive. We encourage you to explore our website to discover what makes a successful candidate.

APPLICATIONS FOR SEPTEMBER 2024 ARE NOW CLOSED. Applications for Fall 2025 will be open in September 2024.

Who Are We Looking For?

Accomplished graduate students with a Masters Degree in economics, finance, quantitative methods or related fields;

Outstanding undergraduates: we admit outstanding undergraduates with a strong background in Economics, Finance, quantitative methods or related fields directly into the PhD Program;

Transfers from PhD programs in Economics and related fields: Students who have done extremely well in their first or second year of their PhD Program who are interested in transferring to Finance.

Admission is highly competitive: we only admit two-to-four students each year. Successful applicants in the past have demonstrated their excellence through outstanding undergraduate grades, top scores on GMAT/GRE , excellent quantitative skills and other indications of an interest and ability to achieve excellence in research on finance-related topics. Finance PhD students join a broader graduate-student community that includes more than 20 new admits each year in Economics and a current cohort of 80 Rotman PhD students in seven academic areas. 

Before being offered admission, selected students will be interviewed via video conference and may be invited to visit campus. The program can be completed in four to five years, depending upon prior training and student progress.

Find out more about Admission to the PhD Program

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Check the latest UofT COVID-19 updates more information

Trade-Policy Dynamics: Evidence from 60 years of U.S.-China Trade

Journal of Political Economy , 2024 George Alessandria, Shafaat Khan, Armen Khederlarian, Kim J. Ruhl, Joseph Steinberg

Tax Evasion and Capital Taxation

Journal of Political Economy , 2024 Shahar Rotberg and Joseph Steinberg

Invidious Comparison: Ranking and Selection as Compound Decisions

Econometrica , 2023 Jiaying Gu and Roger Koenker

A General Framework for Robust Contracting Models

Econometrica , 2022 Daniel Walton and Gabriel Carroll

Geography and Agricultural Productivity: Cross-Country Evidence from Micro Plot-Level Data

Review of Economic Studies , 2022 Tasso Adamopoulos and Diego Restuccia

Randomize at Your Own Risk: On the Observability of Ambiguity Aversion

Econometrica , 2022 Aurélien Baillon, Yoram Halevy, Chen Li

What: Forging a Path: Causal Inference and Data Science for Improved Policy When: November 10-11, 2023 Where: Data Sciences Institute, 10th floor Seminar room, 700 University Ave, Toronto

Department of Economics University of Toronto Max Gluskin House 150 St. George Street Toronto, Ontario M5S 3G7, Canada (416) 978-4622

• University of Toronto
• Faculty of Arts & Science
• UTM Economics

International Economics and Finance (MA), Economics (PhD)

Part of the  Faculty of Arts

Program Overview

Format : Full-time, part-time (MA); Full-time (PhD)

Degree Earned : Master of Arts or PhD

Designed with input from renowned Canadian economists and business leaders, this program features extensive opportunities for one-on-one interaction with professors, program co-ordinators and fellow students. Combining rigorous analytical training with an empirical orientation, the MA program produces graduates who excel as researchers and managers at national and international organizations. PhD graduates become highly qualified economists with the analytical and empirical expertise required to succeed in the global economy.

At a Glance

Admissions information.

• Completion of a four-year undergraduate (or equivalent) degree from an accredited institution
• Minimum GPA or equivalent of 3.00/4.33 (B)
• Statement of interest
• Transcripts
• Two letters of recommendation
• English language proficiency requirement
• Completion of a master’s degree from an accredited institution
• Minimum grade point average (GPA) or equivalent of 3.33/4.33 (B+)

More information on  admission requirements . Due to the competitive nature of our programs, it is not possible to offer admission to everyone who applies that meets the minimum entrance requirements for the program. 

Program-specific requirements for MA and PhD .

Check Application Deadline

Students are encouraged to submit applications prior to the first consideration date to increase their chances of securing financial support for their graduate studies. Applications received after the first consideration date will be accepted and reviewed based on spaces remaining in the program.

See application dates .

Financing Your Studies

For detailed graduate tuition and fees information please visit  Fees by Program .

For information on scholarships, awards and financing your graduate studies visit  Financing Your Studies.

Research Areas

• Applied Econometrics
• Applied Theory
• Asset Pricing
• Decision Theory
• Econometrics
• Economic Development
• Economic Growth
• Economic History
• Economics Inequality
• Empirical Finance
• Environmental Economics
• Financial Econometrics
• Game Theory
• Housing and Land
• Industrial Organization
• International Finance
• International Institutions
• International Migration
• International Monetary Economics
• International Trade
• Labour Economics
• Macro-Monetary Economics
• Macroeconomics
• Mathematical Economics
• Microeconomics
• Monetary Economics
• Public Finance
• Theoretical Econometrics

Sample Courses

Economics (MA, PhD) graduate program calendar

• Economics Help Centre
• Yearly membership with TABE

Graduate Admissions

Admissions information and how to apply

Graduate Studies Admissions Office 11th Floor, 1 Dundas Street West Toronto, ON Telephone: 416-979-5150 Email:  [email protected] For information specific to programs, please see the program contact information below.

Program Contacts

Dr. Germán Pupato Graduate Program Director Telephone: 416-979-5000 ext. 553143 Email: [email protected]

Karen Fajardo Graduate Program Administrator Telephone: 416-979-5000 ext. 557856 Email:  [email protected] / [email protected]

“The [TMU] Economics PhD program was one of the most valuable experiences of my life. The education I received provided me with a sound foundation to continue learning throughout my career. The faculty members in the Department truly care about their students professionally and personally. I am proud to be a graduate." Chuyi Fang, PhD alumna, currently an assistant professor at Shanghai University

Student Profile: My Voice, Our Future Honourable Mention  (external link) 

Angélique Bernabé (economics PhD student and founding member of GRADShowcase ) uses her graduate education to help homeless youth in Toronto.

Find curriculum, course descriptions and important dates for Economics (MA, PhD).

Once you’ve made an informed choice about which program(s) you are going to apply to, preparing your application requires careful research and planning.

At Toronto Metropolitan University, we understand that pursuing graduate studies is a significant financial investment. Funding comes from a combination of employment contracts (as a teaching assistant), scholarships, awards and stipends. There are a number of additional funding sources – internal and external – available to graduate students that can increase these funding levels.

As an urban innovation university, Toronto Metropolitan University offers 60+ cutting-edge, career-oriented graduate programs, as well as 125+ research centres, institutes and labs, in a wide range of disciplines. Our close connections with industry, government and community partners provide opportunities to apply your knowledge to real-world challenges and make a difference.

Best Universities for Economics in the World

Updated: February 29, 2024

• Art & Design
• Computer Science
• Engineering
• Environmental Science
• Liberal Arts & Social Sciences
• Mathematics

Below is a list of best universities in the World ranked based on their research performance in Economics. A graph of 196M citations received by 10.3M academic papers made by 5,995 universities in the World was used to calculate publications' ratings, which then were adjusted for release dates and added to final scores.

We don't distinguish between undergraduate and graduate programs nor do we adjust for current majors offered. You can find information about granted degrees on a university page but always double-check with the university website.

1. Harvard University

For Economics

2. University of Michigan - Ann Arbor

3. Stanford University

4. University of California - Berkeley

5. University of Toronto

6. Columbia University

7. University of Pennsylvania

8. University of Chicago

9. University of Oxford

10. University of Washington - Seattle

11. New York University

12. Cornell University

13. Yale University

14. University of California - Los Angeles

15. Massachusetts Institute of Technology

16. Johns Hopkins University

17. University College London

18. London School of Economics and Political Science

19. University of Wisconsin - Madison

20. University of Cambridge

21. University of Minnesota - Twin Cities

22. University of North Carolina at Chapel Hill

23. Pennsylvania State University

24. Ohio State University

25. University of British Columbia

26. University of Illinois at Urbana - Champaign

27. Princeton University

28. Duke University

29. University of Sydney

30. University of Melbourne

31. University of Texas at Austin

32. University of Southern California

33. University of Manchester

34. Michigan State University

35. University of Maryland - College Park

36. University of Hong Kong

37. University of Amsterdam

38. Australian National University

39. University of California-San Diego

40. University of New South Wales

41. National University of Singapore

42. Monash University

43. Arizona State University - Tempe

44. Northwestern University

45. University of Queensland

46. University of Florida

47. Boston University

48. Rutgers University - New Brunswick

49. Carnegie Mellon University

50. University of California - Davis

51. Catholic University of Leuven

52. University of Pittsburgh

53. Imperial College London

54. Erasmus University Rotterdam

55. King's College London

56. University of California - San Francisco

57. University of Warwick

58. University of Virginia

59. McGill University

60. University of Edinburgh

61. University of Nottingham

62. Texas A&M University - College Station

63. University of Arizona

64. University of Alberta

65. University of Sheffield

66. McMaster University

67. University of Copenhagen

68. University of Bristol

69. Washington University in St Louis

70. University of Rochester

71. University of Leeds

72. University of Birmingham

73. Tsinghua University

74. Emory University

75. Iowa State University

76. University of Illinois at Chicago

77. George Washington University

78. Vanderbilt University

79. University of Tokyo

80. University of Southampton

81. University of Iowa

82. University of California - Irvine

83. Utrecht University

84. Swiss Federal Institute of Technology Zurich

85. Georgetown University

86. Tel Aviv University

87. University of Sussex

88. University of Groningen

89. Chinese University of Hong Kong

90. Georgia Institute of Technology

91. Peking University

92. Tilburg University

93. Hong Kong Polytechnic University

94. University of Calgary

95. Western University

96. University of York

97. University of Auckland

98. Lund University

99. University of California - Santa Barbara

100. University of Utah

Economics subfields in the World

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Cineworld exploring sale of uk cinemas, breaking news.

• CAA Promotes 15 To Agent Or Executive

By Matt Grobar

Matt Grobar

Senior Film Reporter

More Stories By Matt

• Erin Kellyman Joins Sony’s ‘28 Years Later’
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Creative Artists Agency on Monday morning announced its promotion of 15 to Agent or Executive: Kelly Berger, Dillon Dailidonis, Peter Dakich, L Davis, Andrew Devian, Shayna Ehrlich, Julie Flanagan, Claire Garrison, Carson Goodwyn, Zach Grove, Tia Ikemoto, Michael Johnston, Rahny Longley, Ines Maza and Abby Rizzo.

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CAA Names Darryl Eaton, Emma Banks & Rick Roskin Co-Heads Of Global Touring

With the exception of Ehrlich, Goodwyn, Flanagan, Ikemoto and Johnston, who are based in New York, CAA ‘s promotees are based in Los Angeles.

Beginning her career at CAA in 201 after graduating from UCLA with a degree in Political Science, Berger most recently assisted Motion Picture Literary Agent and CAA Board member John Garvey before being accepted into agency trainee program CAA Elevate in 2022. 

Dailidonis began his career at CAA in 2020, after graduating from the University of Central Florida and earning his degree in Entertainment Management. Going forward, he will continue to work on behalf of the agency’s clients in gaming.

Dakich began his career at ICM, joined CAA in 2018, then moved to the independent film production, distribution, and sales agency 30West before returning to CAA. He was accepted into Elevate in 2023, and most recently worked for Sutherland. Graduating from Kenyon College with a degree in Economics, he in his new role will specialize in the packaging, sourcing financing for, and/or selling the distribution rights to independently financed films.

A graduate of Westmont College with a degree in Economics and Business, Devian began his career at his alma mater, serving as an Admissions Counselor and Athletics Recruiter. He joined CAA as an assistant in the Baseball department in Los Angeles in 2021 before being promoted to Professional in 2022. He was accepted into Elevate in 2023.

Ehrlich began her career as a Media Strategy & Planning Coordinator at iHeartMedia and joined CAA as an assistant to Jillian Doyle in 2019, before being elevated to professional in 2022. She graduated from the University of Maryland with a degree in Communication Studies with a cognate in Music.  

Garrison began her career at CAA in 2018 as a recruiting coordinator in Human Resources before serving as an assistant to Global Client Strategy Head Toby Borg. She then worked for CAA Co-Chairman Kevin Huvane and was accepted into Elevate in 2023. Graduating from Loyola Marymount University in 2018 with a degree in Business Management, she in her new role will focus on building brands and businesses and creating entrepreneurial opportunities for CAA’s clients.

Joining CAA as an assistant in the Fashion department in 2021, Goodwyn was promoted to Coordinator in 2023 and accepted into Elevate the same year. Goodwyn graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism.

After graduating from UC Berkeley with degrees in Film and History, Grove began his career at Company 3 Animation. He joined CAA in 2021 as an assistant to Commercial Endorsements agents Jim Nicolay and Sara Leeb and was promoted to voiceover coordinator in 2022, being accepted into Elevate in 2023. In his new role, Grove will continue to work on behalf of the agency’s clients in voiceover across motion pictures, television, video games, podcasts, and audiobooks.

After graduating from Spelman College with a degree in Philosophy and earning her law degree from Howard University School of Law, Longley began her career at CAA in 2021. Going forward, she will continue to work on behalf of the agency’s clients in the areas of on-camera commercials, print, social media, and voice-over campaigns, both domestically and internationally.

Flanagan began her career at ICM Partners, serving as an assistant to the Co-Head of the Books department and CAA Board member, Sloan Harris, and Books Agent Anna Stein. She joined CAA in 2022 following the agency’s acquisition of ICM and was accepted into Elevate in September of the same year. Graduating from Hamilton College with degrees in History and English, she’ll in her new role continue to represent writers of literary fiction and nonfiction.

Graduating from the University of California, San Diego with a degree in Communication and a minor in Business, Ikemoto began her career at ICM Partners, assisting Books department co-head Jennifer Joel, in 2019. She joined CAA in 2022 following the company’s acquisition of ICM and was accepted into Elevate the same year. Ikemoto represents a diverse range of nonfiction and fiction across the commercial to literary spectrum.

Graduating from the Savannah College of Art and Design with a degree in Dramatic Writing, Maza began her career at CAA in 2021, assisting Josh Lindgren, Head of the Podcast department. Promoted to Coordinator in 2023, she was accepted into the Elevate program this year. Going forward, Maza will collaborate with leading talent and production companies, specializing in the Latin American podcast market. She serves on the teams of such podcast properties and personalities as Se Regalan Dudas, Estas Morras, Radio Ambulante, Futuro Media, Adonde Media, plus Yara Shahidi, Ronald Young Jr., Carlos Erik Lopez, Jenny Mullen, and Paul Bae, among others.

Graduating from Fordham University with a degree in Communications and Media Studies, Rizzo began her career at CAA as an assistant to Speakers agents Christine Lancman and Alex Alton in 2021. She was accepted into Elevate in 2023.

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